You know, how much of the ultimate home price is actually determined before anyone ever even starts building that home?

Yeah, great question.

I mean, the biggest variability in my mind of costs is everything before you construct a home.

If you look at the home builders that we have, especially the public home builders, they have home construction down to a science.

I mean, they know every cost down to the penny, every nail and what it costs.

So really they've streamlined and made it as efficient as they can at that stage.

So really what happens is what's the land component? And it's how much do you have to pay for the land? How much is it going to cost to get the land entitled and developed? What are the municipal regulations that are going to drive up costs? Are there impact fees, water impact fees, sewer impact fees? Are there off-site improvements? I mean, the biggest variability is on the land side.

Walk us through what happened and how a government delay like that ultimately affects the homebuyer.